A special state of mind, usually referring to a special "view".
When you're surprised by something wonderful or really great, you get the "wow effect".
Usually the state of the wow effect is gained when a hot chick is seen.

Used as an inside joke for some people. (Mostly by too educated people to be able to simply say "wow") -> freaks

"Hey look at that chick!"
"WOW, look at that ass." (wow effect is created)